Drake & Scull International PJSC (DSI) has announced a series of new appointments as the company has embarked on another management shake-up. The company said that Ziad Makhzoumi, the former CEO of the Fakih IVF series of clinics and an ex-chief financial officer of Arabtec, has joined as an advisor to the board and "will play a key role in DSI's efforts to stabilise the business, streamline and revitalise operations, and improve the financial position of the group", according to a statement issued by the firm.
It has also brought in the former CEO of Makkah and Madinah Holdings, Muin El Saleh, as the head of its UAE operations and the former managing director of contractors Al Husam Group as managing director for its international operations.
Tabarak Investments' general counsel Musa Ibrahim has been named as Drake & Scull's group chief legal officer, Ismail Mohammed has been appointed as head of its general contracting business, GTCC, in the UAE and Saher Ghazi Kamal as acting managing director for Saudi Arabia.
Muin El Saleh, managing director of DSI’s UAE operations. Image supplied by Drake & Scull
Mohammed Atatreh, who was appointed as group managing director of DSI earlier this month, said the company "is implementing a comprehensive plan” that will determine its future direction.
"Our latest executive management appointments and changes are geared towards ensuring that we have highly capable leaders in place who can help implement our reorganisational efforts in the fastest and best way possible," said Atatreh. Drake & Scull removed its former chief executive
, Wael Allan, last month. Allan, a former head of the Arcadis business in the Middle East, had only been in his post for nine months and had overseen a capital restructuring plan which involved Drake & Scull reducing the size of its capital base by 75 percent to expunge 1.7 billion UAE dirhams worth of historic losses, and bringing Tabarak Investments in as a strategic investor to inject 500 million dirhams into the cash-strapped business through a new share placing.
Tabarak Investments has already become a major shareholder in Drake & Scull after buying out former executive vice chairman Khaldoun Tabari's stake in June. According to Dubai Financial Market disclosures, it holds a 10.39 percent stake.
It should become the majority shareholder once the recapitalisation programme is concluded and the 500 million dirham investment is made. DSI has previously said that this is due to complete by the end of this week.
© Zawya 2017